Is Airbnb Really Cheaper Than A Hotel?

Airbnb has, for many, become the go-to website for travelers to book their accommodations while on the road, replacing hotels thanks to the increased privacy and amenities — as well as the cheaper prices. But, is it really cheaper than a hotel? With the summer nearly here, and many of us looking to book trips out of town to sneak in some vacation time, we had to punch the numbers and see what option is really best.

The Research

After digging deep into it, we came across a graph from the website Statista.com, which broke down the numbers by providing the average nightly prices in a number of major cities like New York, London and Paris, among others. The results? Well, if you like to save money, it really is the best option for travelers, showing a huge advantage when it comes to average nightly prices over hotels. Take a look at the Statista.com graph for yourself, which presents the price differences in USD.

Now, the Statista information isn’t completely up-to-date — with the data released in January, 2018 — but, generally speaking, it appears that Airbnb is the better option over a hotel. After all, saving $119/night by choosing Airbnb instead of a hotel in New York City is a tremendous amount. Think about all of the other attractions that that money can go towards to really experience more during your New York City trip, not to mention any meals you may save on by cooking at your Airbnb rental instead of eating out if in a hotel.

Still not convinced that Airbnb is the best option while traveling? To help crunch the numbers even more, a website called AirDNA is a helpful tool, as it tracks and analyzes the online market in nearly any city imaginable. For instance, looking to compare Airbnb prices to hotels in New York City? AirDNA pulls data to give an overview of the current average daily rate, demand, types of active rentals (entire home, private room, shared space) and occupancy rate, among other things. Take a look at a quick snapshot of the current results below, and the full data here.

Summary

Now that you’ve got a bunch of resources to help decide between booking with Airbnb or using a hotel, go forth and find the best deal for your future trips. Remember, Airbnb may not always be the better option, but, when it comes to major cities, the info supports the idea that Airbnb will save your more money.

Lead image via Facebook/Airbnb

The Editorial Staff

The Editorial staff are financial enthusiasts and analysts from across America. Their profession expertise extends to corporate consulting, accounting, and financial strategy.

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